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ENORMOUS NEWS EVENT ARRIVES! BITCOIN BLOCK HALVING DAY! The Ripple XRP Price Chart Dips PERFECTLY!

VIDEO TRANSCRIPT

Hey, what’s going on, everybody? This is the blockchain backer bringing you the latest cryptocurrency news and analysis, and it is the day, it is the Bitcoin block reward having a day. It’s a day that we’ve all been waiting for for years as speculators or investors in this market for the Bitcoin block having and well, it’s finally here. So there’s a lot of excitement. And, you know, is this the day we’re supposed to be like, yeah, let’s go to the moon. It’s the day. Or is it more of like, OK, this is going to be fundamentally good for cryptocurrency and everything moving forward. So I wanted to kind of take a moment to just kind of chat about it. And we’re going to dive here into the charts in a second to kind of take a look at the recent price action that we’ve had over the last few days. But the Bitcoin block reward having simply means that every day new bitcoins are mined in added to the total supply. So every day there’s an increase in the total bitcoins in the total supply. And right now, the current increase is one thousand eight hundred bitcoins per day. Every time that these bitcoins are mined, every day they get sold on the open market. It is a fixed supply of bitcoin that is automatically sold on the market every day. One thousand eight hundred bitcoins and they’re sold by the miners in order to fund their operating expenses to keep the network going. So 1800 bitcoins are sold on the open market every day. It’s a fixed amount of selling that is always there. We always have speculative pumps and pumps in the selling pressure changes. But always that base that you have, that automatic amount of selling is always at least one thousand eight hundred bitcoins. Starting later today and tomorrow, the total number of bitcoins that are in that automatic selling gets cut down to nine hundred. So the selling pressure will be cut in half. That comes from the miners every day. So right now it’s about 16 million dollars per day. Starting tomorrow, it goes down to about eight million dollars per day that get sold on the market. So it’s not that something exactly is going to happen today that’s going to cause the price to fire up beyond some type of speculation. Right. You would have to have a huge, massive increase in buyers come in to buy it up in order to push that price up really high. But the simple act of actually doing a block reward having does not cause the price to completely spike way off to the moon. It just simply means that the selling pressure for miners is now going to be cut in half. Now, it is a little bit more complicated than that. Regarding what the actual having is, it’s about, you know, how many bitcoins are rewarded for each block is found. But really, the fundamental thought process of all of it is, well, OK, if there are half the bitcoins being mined per block, then that means half the bitcoins can be sold on the open market. So over time, as long as the buying pressure remained consistent, well, you would have an increase of price gradually with Bitcoin due to the fact that the selling pressure has now been cut in half. If there are 10 people wanting to buy Bitcoin every day and there are 10 bitcoins being sold by the miners, while the price would remain flat and it would remain flat every day so long as those two remained consistent. However, if those 10 buyers still show up every day, but now there are only five bitcoins that are being sold, the price will automatically rise. And for simplicity’s sake, that is really kind of what the Bitcoin block reward having is. The total number of bitcoins sold by miners on the open market every day is now half of what it was. So a lot of times leading up into these block reward having, as you will see, speculative pumps and dumps following the having. So here we go. This was our pre having potentially pre having a pump. And then afterwards you have a fall in price. Once the excitement of the having is over and speculators see that. Hey, wait, I thought the price was going to fire up to the complete moon because the having happened, they get disappointed and sell-off. We could potentially see something similar like that right now because the actual having event does not cause some type of magic increase in the number of buyers to come in and pump the price into the moon. It’s just that the selling pressure gets cut in half that comes from the miners. So do the miners make up all the selling pressure that there is? No, they only make up a portion of the selling pressure, but they’re selling pressure is now half of what it was for the last four years. So let’s talk more closely about what happened with the actual pricing in the last few days, because we did have a little bit of a sell-off here on Bitcoin just moments before we’re going into this block, having from a technical perspective. It’s something that we actually expected on Friday. I had posted a video and we talked about it that, you know what, Bitcoin’s pretty overheated. It’s due for some type of pullback. We also talked about different price levels we could be looking for for. Sarpy, if x Arpey was to get a pullback as well. And really this pullback looks technically fine. It looks completely normal. I actually wouldn’t be surprised if Bitcoin went a little bit lower and actually came down and tested this kind of seventy-seven hundred dollar price level right here. This would be a point three eight two Fibonacci retracement level, and it would make total logical sense for us to come down and hit seventy-seven hundred dollars before continuing the climb even higher. Now how will it get there? Will it come down there like this? Will it come down there like this? It’s hard to know how exactly that will play out. But I would expect that seventy-seven hundred dollars would get tested at some point. As for X Arpey, it played out pretty much exactly how we had anticipated that it would. Which is a great sign? Right. So, you know, some people get really upset that the price actually does make a move down. But we had talked about this exactly that that X Arpey would likely come down and touch this 18 cent price level. If it did have a pullback. So we look over here at the 200-day moving average and in the past, when the X our P price is reaching the end of its cycle, it butts its head up against the 200 days moving average, has to take a step back from it. And then it can go for it and try again and get above it. And we expected that X Arpey would pullback right here to 18 cents. Sure enough, it did. Exactly. And it held itself with a big giant daily wick on it. So this is all positive and everything is fine for me with X Arpey. Now, what we wait for is we wait for it to come to climb it’s way back out of that 200-day moving average, likely build some type of bull flag on top of it, and then we can go and start firing our way up and see how high we can get. Now back to talking about Bitcoin. When we look at this point, three eight two Fibonacci retracement level right here, and then we come on over to the total all twin market cap. You can see that the old coins actually already have come down and hit that exact level right here at this point, three eight two Fibonacci retracements. So do the altcoins really have to move down further if Bitcoin has to move down further? Well, we saw it last week, people getting quite frustrated because Bitcoin was going up at a higher rate than the old coins were. Money was flowing into Bitcoin. So is it possible that the money flows out of Bitcoin into the old coins? It absolutely is possible. The old coins could have already completed the retrace and it’s time for them to start moving their way up. Now, there is something on my radar that we do have to be aware of when it comes to the US all coins. Let me take this 200-day moving average more and let’s put a Fibonacci retracement down right here. We could see that the total Alte coin market cap has still not clear at this point, seven zero two Fibonacci retracement level. However, the total market cap when you do include Bitcoin has cleared. It has even punctured higher than the point seven, eight, six Fibonacci retracement level. So overall, the market looks bullish. Yet for the Alte coins, we still have not cleared the retracement levels. When we go back and we look at what happened during this previous fall way down here, we could see that the point seven zero two Fibonacci retracement level was the stopping point for the altcoins and then it rolled on itself. So as of right now, the outgoings have still not gotten themselves into safety. They are still in a retracement until they break above. Here is when we can start being super bullish on the altcoins until that moment. We have to remain cautious. But again, what happened with ex Arpey right here was exactly what I was looking for. And that makes me excited. Again, as I always say, I’m not an investment advisor. I’m not a financial advisor. This is not investment advice. These are all my opinions. And to me, that was an awesome move forex Arpey, and it did precisely as I hoped it would. The next step that we need to see is that X Arpey turns to the upside from here and breaks through the 200-day moving average, which is going to be around twenty-two and a half cents. So it’s always funny how time works, right? I mean, if you think back on time and how many times we’ve looked at those countdown clocks and we’ve seen that this they said, you know, three hundred and twenty-one days are one hundred and fifty-six days. We are finally at the moment where it says zero days until the bitcoin having and we are down to just a few hours. And that’s kind of how it works for everything. Right? When we were in that extreme fear for so long, it just had to kind of remind people of, you know, think back to those times in your life where things were really bad and how things always got better eventually. Right. And while you’re living in that moment, you don’t think it’s ever going to get better again. But then finally, you get out of it and a lot of people forget about that. They know our brains are psychologically trained somehow to just forget about the bad times and that things get better. But here we are, Hawkeye. We’re here. Things are better. And, you know, I think we could all use a really, really amazing green candle. My daughter and I talk about it all the time. She’s wanting a fish tank now. Right. And I’m like, man, you know, you can go on Craigslist. You could buy yourself a 50 or 100 dollar fish tank. But then you go, you’ve got to buy all the things that go with it. And then you got to take care of it and all that stuff and like, look, once we get that big green candle, we’ll get a fish tank. And she goes, Daddy, I can’t wait for that big green line. That way you never have to work again. Honey, me. Me too. So trust me, I’m in there with all of you guys. I’ve got kids. My kids want me to do well. The kids want it so bad. I want it so bad. We all want it. It’s never easy being the person buying when that price is super low. You have to kind of be a mix of smart and stupid at the same time to be able to do it. So. All right. I’m going to go ahead and wrap this one up for you guys. You could follow me over here on Twitter at BC back or please give this video a thumbs up. Give it Alike. It always means a lot to me when you guys do that. I check it every time. If you do not subscribe to my channel, please subscribe. That way you could be notified when I create new content. And when I go live, as always, this is not investment advice and I am not a financial adviser. But if you ever need a pick me up or a little bit of reassurance, just remember that the blockchain backers got your back. Have a good one.

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